USC BUAD 307 Lars Perner Midterm Questions And Answers Rated A+
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Course
USC BUAD 307
Institution
USC BUAD 307
USC BUAD 307 Lars Perner Midterm Questions And Answers Rated A+
5 things that marketing does ANS Create, capture, communicate, deliver, exchange
Exchanging Value ANS Customer provides the seller compensation in return for getting the product or service
What must happen for a deal to go thr...
USC BUAD 307 Lars Perner Midterm Questions And
Answers Rated A+
5 things that marketing does ANS Create, capture, communicate, deliver, exchange
Exchanging Value ANS Customer provides the seller compensation in return for getting the
product or service
What must happen for a deal to go through? ANS Both sides must value what they get more than
what they give up
Marketing as an exchange ANS Marketing usually involves an exchange between buyers and
sellers or between other parties
Does money always have to be exchanged? ANS No. Goods and services is usually the most
convenient way of trade.
Why is place important for marketing? ANS its where you deliver the value proposition
Starbucks use of data to place new locations ANS Means expanding its storefronts constantly and
opening up in creative locations such as kiosk, baggage claims, etc
Marketing Chain Management ANS Making sure merchandise is produced/distubuted in the right
quantities, locations, time, all while minimizing costs and satisfying customers
Value ANS Reflects the relationship of benefits to costs
Value co creation ANS Fir is no longer the sole provider of value rather the consumer takes an
active role in creating their own value
, Example of value co creation ANS Customizing nike shoes, clients work with financial advisor
to build portfolio
marketing strategy ANS Firms target market, marketing mix, and method of obtaining a
sustainable competitive advantage
4 strategies that focus on aspects of the marketing mix ANS Customer excellence, Operational
excellence, Product excellence, and Locational excellence
Customer Excellence ANS Focuses on retaining loyal customers and excellent customer service
Operational Excellence ANS Achieved through efficient operations and excellent supply chain
and human resource management
Product Excellence ANS Having products with high perceived value and effective branding and
positioning
Locational Excellence ANS Having a good physical location and internet presence
Business Unit Level ANS Managers will have different responsibilities for different areas
Functional Level ANS Allow managers to specialize to increase managerial accountability
Sustainable Competitive Advantage ANS Advantage over the competition that is not easily
copied and can be maintained over a long period of time
Market Segmentation ANS Process of dividing the market into groups of customers with
different needs, wants, or characteristics who therefore might appreciate products or services geared
especially for them
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